NVDA Options Signal Bullish Bias: Key Strikes and Block Trades Point to $195–$175 Battle Ahead

• Nvidia trades at $189.37, down 0.36% from its intraday high of $193.60.
• Options data shows a 13% call skew (put/call OI ratio: 0.86), with heavy call interest at $195 and $200 strikes.
• Block trades highlight a $175 put buy (expiring 2/20) and $190 put sale (2/27), hinting at near-term hedging.

Here’s the takeaway: Nvidia’s options market is pricing in a high-probability bullish bias, but bearish hedges at key support levels suggest volatility could swing wildly ahead of earnings. Let’s break it down.

What the Options Chain Reveals About Market Sentiment

The options market is a chessboard of bets, and right now, bulls are stacking pieces at the $195 and $200 call strikes. For next Friday’s expiration (2/20), the NVDA20260220C200 call has 128,244 open contracts—nearly double the next highest call. This suggests traders are pricing in a strong move above $193.60 (today’s high) to test the $195–$200 range.

But don’t ignore the puts. The NVDA20260220P175 put has 93,157 open contracts, and a recent block trade saw 2,000 puts bought at this strike. That’s not just noise—it’s a signal that smart money is hedging against a breakdown below the 200D support zone ($181.48–$183.45). The 30D support ($184.67–$185.08) is closer, but a drop below $175 would trigger panic.

News Flow: Earnings as the Ultimate Catalyst

Nvidia’s Q4 earnings report on February 25 is the elephant in the room. Analysts are bullish on AI-driven demand, but insider selling (CFO and director) and export restrictions on H200 chips add risk. The stock’s 11% gain over five sessions has created a tight trading range—breaking out or breaking down will hinge on earnings.

Here’s the twist: institutional investors are trimming stakes (Wealth Dimensions sold 3,290 shares), yet analysts like KeyBanc still rate it “overweight.” This mixed signal means the market is pricing in strong results but hedging against regulatory or demand headwinds.

Actionable Trade Ideas for Stock and Options

For options traders, the most compelling setup is a bull call spread using the NVDA20260220C195 and NVDA20260220C200. If the stock closes above $193.60 by Friday, the $195 call could see a 15–20% pop. For bears, the NVDA20260220P175 put is a high-conviction hedge—if the stock gaps below $185.33 (middle Bollinger Band), this strike could double in value.

Stock traders should watch $185.33 (middle Bollinger Band) as a critical support. A close above $193.60 (intraday high) validates the bullish case, with a target at $195. A breakdown below $184.67 (30D support) would force a retest of $174.17 (lower Bollinger Band).Volatility on the Horizon

The next two weeks will be a tightrope walk. Earnings could be the spark that ignites a breakout—or a breakdown. With $195 calls and $175 puts as the most liquid contracts, traders have clear tools to capitalize on either scenario. The key is to stay nimble: if the stock gaps up on earnings, consider rolling long-dated calls (e.g., NVDA20260417C200). If it gaps down, the NVDA20260220P175 put becomes a critical stop-loss.

Bottom line: Nvidia is at a crossroads. The options market is pricing in a bullish outcome, but the puts at $175 and $167.50 show the risks are real. Trade with a plan, and let the earnings report decide your next move.